HB 670 Summary

• Repeals multiple sections of existing tax incentive programs (Business Facility Tax Credit, Business Use Incentives for Large Scale Development, Development Tax Credit, Rebuilding Communities Tax Credit, Enhanced Enterprise Zone Tax Credit, and Missouri Quality Jobs Program) effective August 28, 2011, consolidating them into the new Compete Missouri Program.

• Creates the Compete Missouri Program (sections 620.2000-620.2020) offering qualified companies up to 5-6 years of withholding tax retention or tax credits up to 12% of new payroll for creating at least 20 new jobs at 90% of county average wage, with higher benefits for targeted industries or rural areas.

• Establishes the Compete Missouri Training Program (sections 620.800-620.809) to provide job training assistance through community college districts, funded by new jobs credits (2.5% of first 100 jobs' wages, 1.5% thereafter) and retained jobs credits from participating companies.

• Authorizes sales and use tax exemptions for qualified companies under section 144.540, allowing up to 100% exemptions on tangible property, materials, and utilities for project facilities if companies meet job creation or retention requirements with sufficient capital investment.

• Sets annual tax credit authorization caps: $111 million for FY 2011-2012, $126 million for FY 2012-2013, and $141 million annually thereafter, with automatic sunset provisions requiring reauthorization every 6-12 years.